Turntable.fm, a social-media site that lets people share songs with friends and other Web users, is in talks with the four major record labels about a licensing deal, Chief Executive Officer Billy Chasen said.

Sony /ATV Music Publishing LLC, owned by Sony Corp. and Michael Jackson ’s estate, submitted a bid for Warner Music Group Corp. ahead of yesterday’s deadline, two people with knowledge of the auction said.

Warner Music Group Corp. passed on a higher offer from a group that included Sony Corp. when it accepted the $8.25-a-share buyout bid from Len Blavatnik , people with knowledge of the music company’s auction said.

Citigroup Inc. plans to seek initial bids for EMI Group by the end of July or early August, and aims to clinch a sale of the record label in a couple months, two people with knowledge of the situation said.